Minda Corporation Q2 net up 8% to Rs 42 cr

The company had posted a net profit of Rs 39 crore during the same period of the previous fiscal, Minda Corporation said in a statement.

New Delhi: Auto component maker Minda Corporation has reported a 7.9 per cent increase in its net profit at Rs 42.1 crore for the September quarter of the current fiscal.

Revenue during the period increased 10.9 per cent to Rs 655 crore from Rs 590.8 crore in the year ago quarter.

Minda Corporation Chairman and Group CEO Ashok Minda said, “During the previous quarter, we have seen a positive movement towards a more stabilised GST regime resulting in steady growth of business. The company has reported an improved financial performance during the quarter as well as half year ended September 2017."

He added,"During the first half FY2017-18, sales grew by 14.8 and EBITDA margins stood at 9.3%. Other highlights of the quarter includes strong order wins. We received a total Rs. 1.2 billion of orders (lifetime value) across domestic businesses and exports. We continue our focussed investment approach towards new projects and R&D, thus making our business future ready."

The company's stock closed 7.94 per cent up at Rs 154.95 apiece on BSE today.

​​This comes as a surprise to the industry as Rakesh was recently elevated to the position of Directo Sales and Marketing which was the third promotion for him in six years of his tenure in the company.